DUBAI: State oil giant Abu Dhabi National Oil Co. said on Tuesday it has set a price range for an initial public offering of its marine and logistics unit that could raise up to $607 million and could give ADNOC Logistics & Services an equity valuation of as much as $4.05 billion. The price range for the unit was set at 1.99 dirhams ($0.5420) to 2.01 dirhams per share, the company said in a statement. Cornerstone investors Al Seer Marine Supplies & Equipment, National Marine Dredging Co., Alpha Oryx Limited and the Abu Dhabi Pension Fund have made a combined commitment of approximately $180 million. ADNOC would raise between $601 million and $607 million from the sale, the statement said. ADNOC is offering about 1.1 billion shares in its maritime logistics services unit, equivalent to 15 percent of its issued share capital. The subscription period for the share offering is to run from May 16 until May 24. Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June. This will be the Abu Dhabi oil giant’s second IPO this year after it raised $2.5 billion from its gas business in March. Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners, and Moelis & Co. is acting as independent financial adviser on the IPO. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co., Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.